Ferrari Plans to Raise US Prices Up to 10% After Tariffs Hit
Ferrari NV plans to raise prices for some of its cars by as much as 10% to deal with US President Donald Trump's latest auto tariffs.
The Italian manufacturer said Thursday its profit margins may get squeezed, but confirmed its financial guidance for the year, reassuring investors. Ferrari shares rose as much as 2.6% in Milan.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
33 minutes ago
- Forbes
More Musk-Trump Fallout: Tesla Sales Will Shrink At Historic Pace, Goldman Says
A pessimistic prediction for Tesla sales from Goldman Sachs added further fuel to the Tesla fire, as the unraveling relationship between Tesla CEO Elon Musk and his former close ally President Donald Trump plays out publicly, accelerating Wall Street's concerns about the increasing exposure of Tesla to Musk's outspoken politics. Elon Musk has alienated 'multiple sides of the political spectrum' from Tesla, according to one ... More prominent Wall Street analyst. In a late Thursday note to clients, Goldman Sachs analysts led by Mark Delaney slashed their forecast for second-quarter Tesla vehicle deliveries to 365,000, far below consensus analyst forecasts of 405,000, according to FactSet. That would be an 18% decline from the same period last year, equating to by far the weakest quarterly deliveries growth since at least 2015, the extent of quarterly delivery data available on Tesla's investor relations website. It's another knock for Tesla as analysts warn this week's quarrel between Musk and the president, who Musk donated $288 million last year to help elect alongside other Republican candidates, could further weigh on Tesla, which is already grappling with declining brand sentiment on the left, historically the base for EV purchasers. This disagreement 'could potentially (temporarily) alienate multiple sides of the political spectrum," warned Morgan Stanley analyst Adam Jonas in a Friday note. Tesla stock bounced back Friday, gaining 6% by early afternoon as part of a broader rally. That only recovered a small portion of Thursday's historic loss, as the Musk-led firm's share price is down 9% since Wednesday. The Musk-Trump division "clearly raises the degree of [near-term' uncertainty' for Tesla, according to TD Cowen analyst Itay Michaeli. Amid the kerfuffle, Trump threatened to cancel all of the federal government's contracts with Musk's portfolio of companies. That would likely impact the private aerospace and communications firm SpaceX far more than Tesla, which does not rely on government contracts for a significant portion of its revenues, but there is a way Trump could target Tesla's bottom line directly. Trump could restrict Tesla's ability to sell its automotive regulatory credits, according to Morningstar strategist Seth Goldstein, referring to the essentially free profit Tesla gets from selling its emissions credits to gas-powered automakers. That could dramatically reduce Tesla profits, as it reported $595 million in those regulatory credits compared to a $934 million net income during 2025's first quarter, meaning the credits directly contributed about two-thirds of its net profit. Since Musk announced his purchase of Twitter (now X) in 2022, Tesla stock has frequently faced downward pressure as its top decisionmaker and shareholder Musk became increasingly outspoken on politics to much controversy. Musk endorsed Trump in July and rose to become perhaps the most prominent and powerful figure in the early days of Trump's second administration, though the perceived impact of Musk's buddying up to Trump turned negative this year as sales globally for the automaker tumbled. In a further sign of fray in the relationship between Musk and Trump, the president has decided to sell his Tesla Model S, according to the New York Times. Tesla is expected to report its Q2 delivery numbers July 2.
Fox News
36 minutes ago
- Fox News
Paramount controlling shareholder Shari Redstone diagnosed with thyroid cancer
Media mogul Shari Redstone, CBS parent Paramount's controlling shareholder, has been diagnosed with thyroid cancer. "Shari Redstone was diagnosed with thyroid cancer earlier this spring. While it has been a challenging period, she is maintaining all professional and philanthropic activities throughout her treatment, which is ongoing. She and her family are grateful that her prognosis is excellent," Redstone's spokesperson told Fox News Digital. The 71-year-old has frequently been in the news this year as she seeks the Trump administration's approval of a multibillion-dollar planned merger with Skydance Media and has given lawyers the green light to settle President Donald Trump's election interference lawsuit against CBS News, although no deal has been reached. Redstone wanted the opinion of doctors "about two months ago after experiencing fatigue and other symptoms," according to The New York Times, which first reported the diagnosis. She underwent surgery in May. The Times noted that she was quickly diagnosed and surgeons removed her thyroid gland but were unable to remove all the cancer cells because they'd spread to her vocal cords. Redstone controls more than three-quarters of Paramount's Class A voting shares through National Amusements, the company she took control of in 2016 when her media mogul father, Sumner Redstone, was deemed too incapacitated to run the company. He died in 2020. Redstone, who recused herself from settlement discussions related to the Trump lawsuit in February, isn't thrilled with being tied up in litigation with the sitting president and wants to get things resolved. Fox News Digital confirmed last week that Trump rejected a $15 million offer to settle his lawsuit. The talks are ongoing, but the president's legal team is demanding at least $25 million and an apology from CBS News. Many industry insiders believe the Federal Communications Commission (FCC) will wait until the lawsuit is in the rearview mirror before deciding if the planned merger with Skydance Media will be approved. Redstone is set for a significant windfall if she's able to flip Paramount to Skydance. Bloomberg reported last year that she would receive $180 million in severance on top of the roughly $350 million she would pocket from the merger. Skydance Media CEO David Ellison, who would take control of CBS as head of the newly formed Paramount Skydance Corp. if the merger is finalized, was aware of Redstone's cancer diagnosis, according to the Times.
Yahoo
36 minutes ago
- Yahoo
Design Firm Dexelance Opens China Office to Fuel Expansion
MILAN — Furnishings, lighting and contract group Dexelance continues to focus on growth despite market challenges worldwide. On Friday, the firm said it opened its first hub in Shanghai as it seeks to build a direct and structured presence in China, forge relationships with local partners and develop commercial opportunities. More from WWD Designer Vincent Van Duysen Opens Antwerp Home for Zara Home+ 4th Collection Lulu Frost's Lisa Salzer Discusses Importance of Providing Joy With Everyday Luxuries Sanlorenzo Gives Venice a New Cultural Space and Piero Lissoni-designed Bridge 'The Chinese market is one we know well, having been present there since 2020 with a branch in Suzhou. In 2024, China represented approximately 4 percent of our turnover,' Dexelance chairman and chief executive officer Andrea Sasso said in a statement. China's economy has slowed, its property market is still in a fragile state and consumer confidence hasn't quite recovered since the COVID-19 pandemic. But the economic doldrums haven't stopped luxury home brands from betting on the world's second-largest economy to fuel growth. Last year, Italy's Molteni&C opened its largest flagship in the world in Shanghai with local partner Domus Tiandi. Dexelance said Vincy Ho was appointed CEO of Dexelance China in January. 'The opening of this new Shanghai office… allows us to further consolidate our connection with China, strengthening the group's presence in the country and aiming to become a global benchmark in high-end design,' Sasso said. Dexelance, which recently changed its name from Italian Design Brands, owns upscale furniture brands Meridiani, Gervasoni and lighting firm Davide Groppi. It also owns luxury contract firms Cenacchi International and Modar, which work with stores, showrooms, offices, hotels and prestigious homes worldwide. In 2024, it also bought a majority share in Turri, a luxury furniture business founded in 1925 in Carugo near Lake Como, and last year increased its stake up to 100 percent in lighting firm Axolight. The new space will host display areas for Gervasoni, Meridiani, Davide Groppi, Saba Italia, and Turri, in addition to the Dexelance China offices. The first Italian design firm to list its shares on the Milan Stock Exchange, Dexelance said in April that it signed a letter of intent with outdoor furniture specialist Roda Group, with the aim to take a majority stake in the firm. In February, the firm's managing director Giorgio Gobbi told WWD the firm was in talks with several potential acquisitions. The company reported its 2024 revenues were up 4.3 percent to 324 million euros. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
